(MoneyNewsWire.Net, January 11, 2018 ) According to the report Confectionery Ingredients Market, published by Market Data Forecast, the Global market is projected to reach USD 78.04 Billion by 2021, at a CAGR of 6.3% from 2016 to 2021.
Confectionery food consists of the various kinds of food made with different ingredients and it is sold through all kinds of distribution channels around the world. It consists of chocolate and non-chocolate candy, ice cream, gum, frozen desserts, cakes, cookies, pastries and other sweet products. This market is growing with high CAGR due to the adoption to the different kind of life styles and climate changes.
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Confectionery Ingredients Market: Drivers & Restraints
Factors like growing urbanization and industrialization, rise in disposable income, changing lifestyles and eating habits, growing people awareness towards the health benefits of chocolates, product innovation and technology advancement in the products are driving the Global Confectionery Ingredients market.
However, high calorie food, stringent rules and rising prevalence of diabetes are hampering the market growth.
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Confectionery Ingredients Market: Segmentation
• Cocoa & chocolate
• Dairy ingredients
• Oils & shortenings
• Starches & derivatives
• Other ingredient type
o Food color additives & flavors
o Functional systems
o Fruits & vegetables
• Sugar confectionery
• Other confectionery ingredient applications
o Aerated confectionery
o Cereal bars
• North America
o United States
o South Korea
• Latin America
o Rest of Latin America
• Middle East & Africa
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Confectionery Ingredients Market: Overview
In 2017, Cocoa & chocolate is the most widely used type generating largest share in the confectionery ingredients segment due to the consumer preference towards taste enhancement. In application, sugar confectionery food is growing with the highest CAGR due to the changing lifestyles and the rich in taste.
Europe dominated the confectionery ingredients in terms of revenue in the global market due to the demand for high confectionery food and presence of large companies in this area. However, Asia-Pacific is anticipated to witness highest growth due to factors like increasing urbanization, rise in disposable income and economic developments in this area.
Confectionery Ingredients Market: Key Players
Major players in the Global market for Confectionery Ingredients are Cargill Incorporated, E. I. du Pont de Nemours and Company, Barry Callebaut and Archer Daniels Midland Company. Other companies include Ingredion Incorporated, Olam International, Arla Foods, Koninklijke DSM N.V., Kerry Group plc and Tate & Lyle PLC.
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